WILMINGTON, Del., July 08, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Gerdau S.A. (NYSE:GGB)?
- Did you purchase your shares between June 2, 2011 and May 15, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. reminds shareholders of Gerdau S.A. (“Gerdau” or the “Company”) (NYSE:GGB) of an upcoming deadline involving a securities fraud class action lawsuit commenced against the Company. A complaint was filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the American Depository Receipts (“ADRs”) of Gerdau between June 2, 2011 and May 15, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company was engaged in a bribery scheme in collusion with Brazil’s Board of Tax Appeals (“CARF”); (2) Gerdau had defrauded Brazilian tax authorities of roughly $429 million in taxes; (3) Gerdau’s Chief Executive Officer (“CEO”), Defendant André Bier Gerdau Johannpeter (“Johannpeter”) and other directors and employees of the Company had engaged in bribery, money laundering, and influence peddling; and (4) as a result of the foregoing, defendants’ statements about Gerdau’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
If you wish to serve as lead plaintiff, you must move the Court no later than July 25, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you purchased ADRs of Gerdau during the Class Period, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/gerdau-s-a-ggb.
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